Liability Insurance Policies We Carry Offer

What Does Professional Liability Insurance Cover?

Professional Liability Insurance

A Lawyers Professional liability insurance helps protect you and your law firm if you made a mistake (error) or failed to perform a service (omission).  E & O insurance (Errors & Omissions) are other names for professional liability insurance, which also covers the related defense costs, even from groundless claims.

What Does Professional Liability Insurance Cost?

Professional Liability Insurance

This cost is based on a number of factors, such as your specific areas of practice, the limits and deductibles you choose, your years in business, number of Lawyers, revenue, and the policy limits and deductible you choose, and claims history.

Your professional liability insurance cost is an investment in protecting your business, but there are still ways you can further reduce the cost.

With one comprehensive policy, you know you’ll have the coverage you need when you need it.

BUSINESS LIABILITY

  • Errors & Omissions
  • Directors & Officers
  • General Liability
    • What is General Liability Insurance?
    • If you want to ensure that your small business has financial protection from unforeseen claims, general liability insurance is a smart investment. While it’s not always required by law, it may be required by certain contracts or lease arrangements. With a general liability policy it’s easy to get protection from the costs of:
    • Property Damage
    • When customer property is damaged by an employee, your coverage may pay for a replacement. For example: Your contractor accidentally sets fire to a building they are working in, and repair costs will exceed $150,000. Now, you may be liable to pay for the damages and construction costs. With small business general liability insurance you would likely have help covering the costs of those damages.
    • Bodily Injury
    • If someone other than an employee is injured on your property, this coverage can take care of medical expenses plus legal expenses and damages.
    • Product Liability
    • If products developed or sold by your business harm people or property, this coverage can pay legal expenses associated with product liability lawsuits and medical expenses if an injury occurs.
    • Libel, Slander, and Copyright
    • This coverage can pay for lawsuit expenses from personal and advertising injury. Advertising injury can include disparaging another business in your advertisements, stealing an advertising idea, and more.
  • Employment Practices Liability

What Is Employment Practices Liability Insurance?

Employment practices liability insurance (EPLI) helps protect your business from employment-related claims, like:

  • Wrongful termination

  •  Discrimination

  • Harassment

    The legal costs of employment-related claims can be staggering – and they’re on the rise. Employers may face many employment-related issues and lawsuits. Sometimes, the business owner doesn’t even have to be in the wrong to get sued.

    Getting the right insurance to help cover defense costs and damages related to employment-related claims is critically important to protect your business. Mondragon Insurance Solutions provides comprehensive and customizable EPL policies. We’ve made it easy for business owners to get the coverage they need to help protect their companies.

Why Do I Need Employment Practices Liability Insurance?

Employment practices liability insurance helps protect businesses from lawsuits due to issues with someone’s job, like discrimination, wrongful termination and more. This coverage is included in our Business Owner’s Policy (BOP).

Unlike business insurance policies that other insurance companies may offer, our employment practices liability coverage can help protect your business from accusations of harassment or discrimination by:

  • Customers

  • Vendors

  • Business invitees

You may find that BOPs offered by other insurers may only protect you if a claim is filed by your employees. To help give you the protection you need, third-party EPLI is included for most businesses.1,2

If You Have Employees, You Need Employment Practices Liability Insurance

We’re dedicated to helping protect employers. That’s why we designed our EPLI coverage to help businesses deal with a variety of EPLI claims. This includes vendor or employee claims of:

  • Discrimination
  • Age discrimination
  • Retaliation
  • Violation of the Family and Medical Leave Act
  • Wrongful discipline
  • Wrongful failure to promote
  • Wrongful termination
  • Harassment
  • Sexual harassment

Common employee complaints are centered around wage and hour violations. This includes:

  • Wage calculation
  • Overtime calculation
  • Job classifications

Employees file wage and hour lawsuits accusing employers of misclassifying employment status or miscommunicating their eligibility for overtime. Our BOP automatically includes a “Wage and Hour Defense Cost” coverage as part of the built-in EPLI coverage. This is a benefit for businesses that are likely to find themselves exposed to these kinds of disputes and lawsuits.

Prevention Is Your Best Protection

We do more than just provide insurance coverage. We’re an experienced insurance company and know the risks and challenges that businesses face. We can help employers with risk management and provide some of the best learning tools to help prevent lawsuits from happening in the first place.

  • Fiduciary Liability

PROPERTY

  • Fire
  • Theft
  • Flood & Water Damage
  • Wind & Hail
  • Earthquake
  • Equipment Breakdown
  • Inland Marine

BUSINESS AUTO

  • Collision
  • Comprehensive
  • Auto Liability
  • Cargo Liability
  • Hired & Non-Owned

BUSINESS INTERRUPTION

  • Business Income
  • Extra Expenses

CYBER

  • Data Breach
  • Cyber Liability

WORKERS' COMPENSATION

  • Lost Wages
  • Medical Treatment

What Is Cyber Insurance?

When you run a small business, you face many physical risks, like property damage and injuries. But your business also faces risks that come from using technology. These include everything from data breaches to hacking.

To protect against those risks, many businesses add cyber insurance to their business insurance policies. Cyber insurance can offer broad coverages to help protect businesses from various technology-related risks. We offer two different cyber insurance policies: cyber liability insurance and data breach insurance.

Data breach insurance helps your business respond to breaches and can offer enough protection for small business owners. Cyber liability insurance is typically meant for larger businesses and offers more coverage to help prepare for, respond to and recover from cyberattacks.

Why Businesses Need Cyber Liability Insurance or Data Breach Coverage

Hackers can target personally identifiable information (PII) or personal health information (PHI) you keep on your business’ computers. That’s why it’s important to protect your business with data breach or cyber liability insurance, helping you respond quickly after a data breach or cyberattack. These coverages can help if:

  • Your business’ computers get a virus that exposes private, sensitive information.
  • Customers or patients sue after your business loses PII or PHI.
  • You’re faced with high public relations costs to help protect your business’ reputation after a data breach.

Ask yourself these questions to see if your business needs data breach or cyber liability insurance:

  • Do we collect, store, send or receive PII or PHI?
  • Do we work in an industry with rules about customer information, such as healthcare, education or finance?
  • What would we do if we faced a cyberattack today?

What Is the Difference Between Cyber Liability and Data Breach Insurance?

It’s always important to know what business insurance covers. This is especially true for cyber insurance. Our data breach insurance and cyber liability insurance are two different policies. While they offer some of the same benefits, including access to our Cyber Center with easy-to-understand data breach prevention and response resources, both policies help protect your business in different ways.

What Is Data Breach Insurance

This insurance helps you respond to a breach if PII or PHI gets lost or stolen, whether it’s from a hacker breaking into your network, or an employee accidentally leaving their laptop at a restaurant.

If your small business is the victim of a breach, data breach coverage can help pay to:

  • Notify affected customers, patients or employees
  • Hire a public relations firm
  • Offer credit monitoring services to data breach victims

For extra protection, we can also help you customize your data breach policy. Some coverages you can add include:

Business income and extra expense coverage to help replace lost income if you can’t run your business because of a data breach.

Prior acts coverage to help cover claims related to a breach that happened before your policy’s effective date.

Extortion Coverage, which helps cover the amount you paid if someone takes your business’ data and demands a ransom.

What Is Cyber Liability Insurance?

Cyber liability insurance is recommended for larger businesses. It helps cover financial losses due to cyberattacks or other tech-related risks, as well as privacy investigations or lawsuits following an attack. For example, if a hacker locks your computers, starts deleting files and demands a ransom, this insurance can help you respond to the attack and help your business recover lost files and income.

If your large business is the victim of a cyberattack, cyber liability insurance can help cover:

  • Legal services to help you meet state and federal regulations
  • Notification expenses to alert affected customers that their personal information was compromised
  • Extortion paid to recover locked files in a ransomware attack
  • Lost income from a network outage
  • Lawsuits related to customer or employee privacy and security
  • Regulatory fines from state and federal agencies

What Is Not Covered By Cyber Liability Insurance and Data Breach Coverage?

It’s important to know these insurance policies don’t cover every type of claim. You may need other types of business insurance to create a comprehensive protection plan, such as:

How Much Does Cyber Insurance Cost?

Different factors can impact your business insurance cost. So, your cyber insurance costs will likely be different than another business’. Your data breach or cyber liability cost can depend on your:

  • Number of customers, clients or patients
  • Type of sensitive data and information you store
  • Revenue
  • Claims history

Get Cyber Liability Insurance and Data Breach Insurance

Many small businesses may only need data breach insurance. You can get data breach coverage by adding it to your Business Owner’s Policy or general liability insurance policy. To learn how you can protect your business with data breach insurance, get a cyber liability insurance quote or call (424) 330-2011 today.

For larger businesses, or small businesses with a lot of sensitive data, our cyber liability insurance, which is called CyberChoice First Response, offers even more protection than our data breach coverage alone. You’ll also have access to our 24/7 claims hotline, where our specialists can help guide you through a breach response, and programs to help train your employees to avoid cyber risks.

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Cyber Liability and Network Breach

If you use a computer during the course of your business you should strongly consider cyber liability and network breach insurance protection.